loanDepot Helps Those Impacted by Hurricanes Harvey and Irma with Products to Aid Disaster Victims; Donates to Charities for Relief Efforts
CEO and Chairman Anthony Hsieh Tours Texas, Florida; Brings Supplies and Pledges Support
Sep 25, 2017
IRVINE, Calif., Sept. 25, 2017 /PRNewswire/ -- Today, loanDepot, announced its plans to help families impacted by flooding and damage from hurricanes Harvey and Irma by introducing a FHA-203(h) product for those who need to rebuild or repair a destroyed or damaged home as well as for those needing to buy a replacement home.
This FHA-203(h) Mortgage Insurance for Disaster Victims product is specifically designed to help those within Presidentially-declared major disaster areas (PDMDA) in urgent need of home repairs, a full rebuild, or to purchase a new home. The 203(h) product guidelines may allow loanDepot to disregard any late payments that were the result of the destroyed or damaged property in specific PDMDA areas. Additionally, it provides more flexibility on documentation of employment, assets and liabilities in cases where records were destroyed by the disaster.
"Due to the scope and severity of the disasters, we felt it necessary and important to help families get back into homes as quickly as possible," said Anthony Hsieh, loanDepot CEO and Chairman. "When I visited Texas and Florida and saw the devastation with my own eyes, I immediately knew that we needed to act quickly to support families in need. Not only have we donated to the American Red Cross and supported local diaper banks, but we're using our expertise to help homeowners navigate the system so repairing, rebuilding or purchasing of homes can happen quickly to ensure a more rapid recovery allowing homeowners to rest easier."
For those needing repairs, the FHA-203(h) product can cover repairs such as:
- Repair/replacement of roofs, flooring, gutters
- Repair/replacement of existing plumbing and electrical systems
- Painting (both interior and exterior)
- Purchase and installation of major appliances such as stoves, refrigerators, washer/dryers, dishwashers and microwaves.
- Accessibility improvements for persons with disabilities
- Basement waterproofing
- Window/door replacement and exterior wall re-siding
- Other repairs to make the home safe and livable
For those renters or owners who need to purchase a new home, FHA-203(h) allows for a zero-dollar down payment if their current home was damaged or destroyed. Existing homeowners will need to document sufficient insurance coverage to pay off the existing mortgage of their damaged/destroyed home.
Eligibility may require a credit score threshold as well as the demonstration of on-time credit obligation payments for the 12 months prior to the disaster. 203(h) loans need to be initiated within a year of the disaster and to qualify, previous homes both owned or rented must have been located in a PDMDA and either destroyed or damaged to such an extent that reconstruction or replacement is necessary.
"Service First" Blog Series
The inaugural posts to the loanDepot "Service First" series highlight two loanDepot loan officers who answered the call of duty to help the people of Texas after Hurricane Harvey. "Service First" is an ongoing series featuring stories of amazing service and support in our communities and across the nation. Look for more of these service-first stories in the days and weeks to come.
Volume 1: Robert Paulsen, a Tennessee-based loanDepot lending officer with loanDepot and a Staff Sargent in the U.S. Air National Guard, recently returned from a 3-week deployment in Houston and shared his story with Team loanDepot.
Volume 2: In response to Hurricane Harvey disaster relief efforts, loanDepot licensed lending officer and Army National Guard Specialist, GP Sandhu, experienced his first deployment to provide search and rescue support to those impacted by flooding, power outages, high winds, and other damage in Katy and Beaumont, TX.
loanDepot is the nation's fifth largest retail mortgage lender and second largest nonbank consumer lender. The company was the first nonbank lender to offer home, personal and home equity loans. Headquartered in Southern California, loanDepot employs 6,500+ lending professionals across the country including 1,700+ licensed loan officers who hold 12,000+ licenses. In 2017, the company surpassed $110 billion in funding in just seven years since its founding in 2010. NMLS # 174457
Contact: Lara Wyss, loanDepot, [email protected] 949-652-1142 (m)